Message from the Chair

The past month has been full of AustCham highlights. I would like to thank each of AustCham’s Gold Sponsors, whom we have been meeting with over the past couple of weeks, for their continuing support of the Chamber as well as their insights on our partnership going forward. Also this month, AustCham has been proud to offer two more seminars as part of our Doing Business in Korea (DBIK) series. I would like to extend, on behalf of AustCham, my appreciation to all the presenters and event organisers. With great turnouts and strong feedback, it is exciting that these events have become a valuable and relevant opportunity for AustCham members.Finally, on July 22 we will be celebrating an annual AustCham favourite – Christmas In July. This year we will take the occasion to farewell AustCham Patron, Ambassador Bill Paterson. If you’re around, make sure you stop by and say thanks to him in person. Thanks, Bill, for your service and friendship.

Graham Dodds,

President and Country Manager, ExxonMobil
& Austcham Korea Chair

AustCham Updates

1. Gold Sponsor Lunches

Over the past few weeks AustCham has been meeting up one-on-one with all of our Gold sponsors to thank them for their contributions and also gain insight into how AustCham can ensure continued engagement as well as improve our ongoing value proposition for all our members. We would like to thank ANZ, ExxonMobil, Macquarie, Meats and Livestock Australia, Shell, Telstra, Wilson Parking and Woodside for their invaluable ongoing support of AustCham in 2016. We look forward to our continued partnership.

2. Doing Business in Korea Events (DBIK)

How to use Social Media Marketing to Optimise your Business (June 23)

The evening covered an engaging and diverse range of content including Facebook, Naver blogging and promotion as well as Korea's gaming and entertainment industry. Thanks to presenters Stephen Revere (USO Korea), Allan Kim (Unicoi Systems) and Kevin Han (Kongdoo) for their insights into the potential of social media for enhancing business promotion.

Anticipation of the Implementation of the New Anti-Bribery Laws (July 12)

The breakfast seminar focused on the implications of the Kim Young Ran Act, Korea's new anti-bribery legislation to be introduced in September. Presenters Tak Kyun Hong (Shin & Kim) and Lewis McDonald (Herbert Smith Freehills) provided a thorough analysis of the changes and what they will mean for business. AustCham extends its appreciation to the presenters as well as the visiting students from the University of Melbourne.

The NSW Minster for Trade, Tourism and Major Events & Minster for Sport, the Hon. Stuart Ayres visited Seoul over the 18th and 19th of July. The AustCham Korea Board was pleased to be able to host a breakfast briefing for the minster providing insights into Australian business in Korea as well as current and potential opportunities for growth.

4. New AustCham Members in JulyAustCham is pleased to welcome three new members this month:

Upcoming Events

Join us for an evening of great company, food and drinks as we celebrate this annual AustCham favourite. This year AustCham will also use the occasion to farewell our Patron, Australian Ambassador Bill Paterson, who will depart Korea at the end of August.

The next instalment of AustCham's DBIK series will be a relaxing evening with lifelong resident ofKorea and business development expert Peter Underwood (IRC), and Professor of History Min Seung Kim (Sungkyungwan University), who will present a relevant and engaging discussion on how Korea's cultural and historical context inform the business setting.

Business News & Developments from Korea

Minimum Wage to Increase to USD $5.7| 2016.07.17The South Korean Minimum Wage Commission has announced that the minimum wage in 2017 will increase 7.3% on this year, an increase of around 440 won.

DSME Investment resulting in Losses for NPS| 2016.07.17South Korea's biggestinstitutionalinvestor, National Pension Service (NPS) posted losses of $212.6 Million from its investments in Daewoo Shipbuilding & MarineEngineering Co. (DSME)'s over the past three years.

Commercial Banks Cleared of Collusion| | 2016.07.07After 1,449 days of ongoing investigation, Korea’s six commercial bakes have been cleared of collusion in setting the month certificate of deposit (CD) rates, a benchmark for consumer bank loans.

"Creative Korea" New National Slogan | 2016.07.05After more than a decade the South Korean Government has announced a new national slogan: “Creative Korea,” designed to promote “creativity” as a new value that the country should pursue in the rapidly changing world setting.

2016 Foreign Direct Investment Sets H1 Record | 2016.07.04Foreign direct investment to South Korea has reached an all time H1 record of $10.52 billion. The figure comes as a result of active investment from multinationals, mergers and acquisitions in software and content sectors and corporate establishment in bids to reach China.